Insurance Research by Expert RA
| Title | Summary |
| The first ranking of Russian insurers by International Financial Reporting Standards (IFRS) | At last we have reached the level of IFRS: for the first time it was made
possible to rank Russian insurers by IFRS. The first ranking comprised only
nine Russian insurers - 1% of the whole number of Russian insurers. According
to Expert RA, IFRS reporting is being prepared by at least 20 Russian insurers,
mostly incapable of disclosing the information in public.
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| The Russian insurance market, 2008 | The financial crisis proved the insurance sector being unable to develop
by way of dumping and imputed insurance. 2009 will see Russian insurers paying
for past mistakes. As a result the market would be less sizeable, but more
professional.
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| Profitability and unprofitability of insurers: Paradoxical dynamics, 2008 | It is well known that for several years the insurance business has grown
unprofitable. But in 2007 combination of the unprofitability components was
notably changed - rapidly growing operational expenses took the lead.
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| Export insurance, 2008 | Export credit insurance may be instrumental in diversifying the Russian
export mostly due to hidden potential of the nuclear industry and
the military industrial complex. Poor diversification of the Russian export
is one of the most urgent economic
problems in the country. According to the Federal Customs Service, in 2007 more
than 67% of domestic export abroad was covered by fuel and energy sector 2007.
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| The cargo transportation market | Volume of aggregated contributions to insure cargo transportation
declined (considering inflation). In 2007 the total market of cargo insurance
and liability of carriers went up from 14.8 to 15 bln rubles (about 1% growth).
According to Expert RA, the first half of 2008 showed no decline in increment.
Share of insured cargo at the market has generally grown up with insurance
becoming an inherent part of logistic structure, but collections remain
practically unchanged. Still, growing potential of the cargo insurance market
is huge.
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| Insurance market 2008/2009: Flying over the abyss | According to Expert RA the Russian insurance market in 2009 would
total 520 bln rubles. Downfall at the insurance market is mostly
attributable to autocasco insurance (-44 bln rubles), insurance
of legal entities from fire or other risks (-12 bln rubles),
voluntary medical insurance (-7 bln rubles) and insurance from
accidents and diseases (6 bln rubles). Insurance contributions
may grow in civil and erection works and the Olympic construction
related risks; also, in types of insurance with the state involvement
(agricultural insurance, space risk insurance, state contracts
liability insurance).
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| The Russian insurance market, first half of 2008 | The first half of 2008 at the Russian insurance market featured two
trends: tariff leveling and decreased rates of credit-related insurance growth.
Stable and profitable business has gradually become of more importance than the
market share.
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| The agricultural risk insurance market: Step forward, two steps back | In 2008 the agricultural risk insurance market amounted to 10-15 bln
rubles, according to Expert RA. More precise assessment is barred by absence of
general statistic and the market non-transparency. The RF Ministry of
Agriculture maintains that only 25.5% of cultivation area is covered by
insurance. The agricultural insurance market consists of two unequal parts:
voluntary insurance and state-supported insurance, the latter responsible for
over 70% of the market aggregate contributions.
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| Motor insurance market: Dumping kamikaze | The motor market growth was inspired by credit boom. At the same time
voluntary insurance segment at the motor insurance market was almost standing
idle. It resulted in negative trends: poor quality of servicing, absence of
specific customized insurance products, low level of professional training of
insurance employees.
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| Review of the insurance broker market: getting closer to a civilized market | Licensing of Russian insurance and re-insurance brokers made the broker
market more civilized; specialized reporting ¹1-broker made the market more
transparent with prerequisites for proper information infrastructure. Still,
majority of insurance brokers are not yet ready to disclose information on
their activity, which testifies to the market immaturity.
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| OSAGO market, July 1, 2003 to December 31, 2007: the market on the brink | According to Expert RA analysts, if new adjustments related to a
simplified procedure of registering road traffic accidents (RTA) and a system
of direct compensation of losses take force without an adequate increase of
tariffs, the OSAGO market annual un-profitability factor by January 1, 2010
would be 97.7%, by January 1, 2011 - 107.9%, which would be inevitably followed
by the OSAGO market comprehensive crush.
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| The 2007 insurance market: long-awaited success | The market structure: as might be expected, mandatory types of insurance
grow faster than voluntary ones, but the growth should be attributed to
increased state financing of health-care system, mostly through mandatory
medical insurance - which, actually, is not insurance, but a mechanism for
redistributing budget funds.
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| The insurance market development, the first half of 2007 | The process of cleaning the Russian life insurance market from "grey
schemes" has practically been completed in the first half of 2007, and the
market has basically turned into a classic one. Still, at the period the life
insurance market might have reached better results - a number of large
international companies started much slower than expected. The 2007 second half
indicators at the life long-term insurance market are envisaged to be much
better than the first half, due to tenser competition and extended presence of
many companies in the regions.
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| Business handbook "Russian insurance market: real indices and prospects" | Business handbook presents results of the long-term follow up study by
Expert RA Rating Agency over situation on insurance market. The purpose of
study is to reveal trends of the real market free of non-risk operations.
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| Russian Insurance Market, 2000 | Only four to five years ago, the Russian insurance market was existing in
an absolute information vacuum. Both the State and the society did not take any
interest in the problems of insurance. As for the insurers, they did their
business: somebody was quietly cashing the salaries and wages, and somebody
else was trying to develop the classical insurance.
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